Loan Program Parameters

• Loan will be granted for up to 25% of the total contract dollars, with a maximum of $35,000 and a minimum of$1,500.
• Loan funds may be used for working capital and/or bonding.
• Loan repayment schedule will coincide with the contract payment schedule.
• 5% fixed interest rate.

 Eligibility Requirements:

• Certification by the City of Milwaukee Program as an Emerging Business Enterprise (EBE). If your firm was certified as a Disadvantaged Business Enterprise (DBE) with the City of Milwaukee they are also eligible.
• Recipient of a City, MATC, MPS or MMSD contract as a prime or subcontractor
• Maximum number of loans three (3)
• Business must be located in the City of Milwaukee (Post Office Boxes are not acceptable)

Loan Process

A.	Application
	EBEP staff will verify contract award, loan application data and use of loan proceeds.
B.	Loan committee
	Reviews loan application. Makes recommendations to approve or reject the loan request.
C.	Loan closing
	EBEP staff. Legal counsel. Comptroller's office.
D.	Loan management
	Monitor contract progress. Communication with contracting department. Communication with contractor - loan recipient.
E.	Loan-closing review
	Completed contract. Final payment.
Document Requirements - The following is a checklist of requirements that must be provided by the applicant:
	Notarized Revolving Loan Application
	Documentation of conventional loan denial
	CDBG Employee Data form for each employee
	Copy of contract, either as a prime or subcontractor
	Revolving Loan application Attachment 1A & 1B
	Financial spreadsheet
	Insurance and or bonding forms
	Copy of IRS filings for the current year and recent year (business and personal)
	Copy of City of Milwaukee DBE or EBE certificate or approval letter
	Three business references
	Revolving Loan Program Application are available in Microsoft Word and Adobe Acrobat Formats
	Click here to download Acrobat at no cost
	Click here to download RLP application in Word
	Click here to download RLP application in Acrobat